The cryptocurrency market has lost over 14 billion dollars today.
The cryptocurrency market has tanked today, with prices of all the top coins dropping by as much as 10.56 percent.
This coincides with three recent news items - a CFTC investigation into Bitcoin futures price manipulation, as we covered earlier today, a big sale from a Bitcoin whale, and a hack at a South Korean cryptocurrency exchange.
Bitcoin whale
As we have written about in the past, there a small number of Bitcoin wallets which hold massive fortunes. Movements of large amounts of money from these wallets can have a drastic effect on the Bitcoin market.
Writing in Medium, Marko Vidrih writes that one such wallet has just sent 8,000 bitcoins, well over $50 million at current prices, to a wallet belonging to a major cryptocurrency exchange, Huobi.
This particular whale has a current fortune of 85,000 bitcoins, which equals approximately $600 million at the current price. His/her identity is not known.
CFTC investigation
The US Commodity and Futures Trading Commission suspects several major US Bitcoin exchanges of price manipulation; what is worse, these prices are the basis upon which a major traditional exchange's Bitcoin futures contracts are based.
Hack
Another event that occurred is a hack attack on a South Korean cryptocurrency exchange.
The exchange in question is called Coinrail. It is a small-scale operation which handles $2.6 million worth of trading a day, according to coinmarketcap.com. The Coinrail website is currently down for maintenance, displaying a message apologising for the inconvenience and saying that it will be back up tomorrow.
Coinrail lists approximately 50 Cryptocurrencies but mainly deals in a small-scale cryptocurrency called Pundi X (NPXS) according to Ethereum World News. The hack affected a few altcoins, but this one was the hardest hit.
This coin has a circulation of $9.4 million. According to its website, it is designed to be used in physical stores for everyday purchases. To this end, it has its own operating system called Pundi XPOS.
It is based in London but plans to open offices in Tokyo and Seoul in the second quarter of 2018 and North and South American in the third quarter.
The Pundi X team posted in Medium today that 2,619,542,080 NPXS (approximately $19.6 million) were transferred to an exchange called IDEX, and has confirmed with Coinrail that this was the result of what the exchange calls a "cyber intrusion". The number equals roughly three percent of all the tokens in circulation. According to the post, IDEX was contacted and has agreed to freeze the suspicious account, meaning that all of the stolen tokens can be tracked.
Market drop
The cryptocurrency market has lost over 14 billion dollars in just a few hours. Bitcoin specifically saw a drastic drop today, shaving $400 from its value, or 6 percent. This is a continuation of a bear run which has lasted for three days. Ethereum and Ripple have experienced similar losses.
According to Bloomberg, Bitcoin has lost 48 percent of its value since the beginning of the year.
The cryptocurrency market has tanked today, with prices of all the top coins dropping by as much as 10.56 percent.
This coincides with three recent news items - a CFTC investigation into Bitcoin futures price manipulation, as we covered earlier today, a big sale from a Bitcoin whale, and a hack at a South Korean cryptocurrency exchange.
Bitcoin whale
As we have written about in the past, there a small number of Bitcoin wallets which hold massive fortunes. Movements of large amounts of money from these wallets can have a drastic effect on the Bitcoin market.
Writing in Medium, Marko Vidrih writes that one such wallet has just sent 8,000 bitcoins, well over $50 million at current prices, to a wallet belonging to a major cryptocurrency exchange, Huobi.
This particular whale has a current fortune of 85,000 bitcoins, which equals approximately $600 million at the current price. His/her identity is not known.
CFTC investigation
The US Commodity and Futures Trading Commission suspects several major US Bitcoin exchanges of price manipulation; what is worse, these prices are the basis upon which a major traditional exchange's Bitcoin futures contracts are based.
Hack
Another event that occurred is a hack attack on a South Korean cryptocurrency exchange.
The exchange in question is called Coinrail. It is a small-scale operation which handles $2.6 million worth of trading a day, according to coinmarketcap.com. The Coinrail website is currently down for maintenance, displaying a message apologising for the inconvenience and saying that it will be back up tomorrow.
Coinrail lists approximately 50 Cryptocurrencies but mainly deals in a small-scale cryptocurrency called Pundi X (NPXS) according to Ethereum World News. The hack affected a few altcoins, but this one was the hardest hit.
This coin has a circulation of $9.4 million. According to its website, it is designed to be used in physical stores for everyday purchases. To this end, it has its own operating system called Pundi XPOS.
It is based in London but plans to open offices in Tokyo and Seoul in the second quarter of 2018 and North and South American in the third quarter.
The Pundi X team posted in Medium today that 2,619,542,080 NPXS (approximately $19.6 million) were transferred to an exchange called IDEX, and has confirmed with Coinrail that this was the result of what the exchange calls a "cyber intrusion". The number equals roughly three percent of all the tokens in circulation. According to the post, IDEX was contacted and has agreed to freeze the suspicious account, meaning that all of the stolen tokens can be tracked.
Market drop
The cryptocurrency market has lost over 14 billion dollars in just a few hours. Bitcoin specifically saw a drastic drop today, shaving $400 from its value, or 6 percent. This is a continuation of a bear run which has lasted for three days. Ethereum and Ripple have experienced similar losses.
According to Bloomberg, Bitcoin has lost 48 percent of its value since the beginning of the year.
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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